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Discover Student Loans Certified Private Loan

Rating:
Website:  www.DiscoverStudentLoans.com
Phone Number:  (877) 728-3030
Hours of Operation:  M-Su 8am-12am ET


Interest Rates

 

  • THIS IS A VARIABLE RATE LOAN.  Interest rates will change during life of loan based on changes to the Prime Rate (to see current Prime Rate, click here)
  • Current Starting Interest Rates between 3.75% and 9.50%
    • Range in terms of index:  Prime Rate +0.5% to +6.25%
  • Interest Rate Cap:  18%
  • Rates effective after April 1, 2011

Loan Fees

 

  • Origination/Repayment Fees:  None
  • Late Payment Fees:  Greater of 5% of payment due or $5
    • Timing: 15 days after payment due, a payment is considered late
  • Returned Payment Fees:  $10
  • Forbearance Fees:  None

Repayment Terms

 

  • Standard Repayment Term:  15 years for undergraduates, 20 years for graduates
  • Interest-only payments required while borrower is in school:  No
  • Prepayment Penalties:  None

Savings Opportunities

 

  • Auto-Debit Benefit:  0.25% interest rate reduction for signing up to make payments via auto-debit from your bank account
  • Graduation Benefit:  2% principal reduction upon graduation

Co-signer

 

  • Although not required, a co-signer may improve borrowers' chances for loan approval and may lower borrower's interest rate on the loan
  • Co-signer Release: None

Loan Amounts

 

  • Annual Minimum Loan: $1,000
  • Annual Maximum Loan: Cost of attendance less any other financial aid
  • Aggregate Maximum:  $200,000

Application Process

 

  • Provides immediate credit response to online loan application:  Yes
  • Upon online credit approval, provides immediate "plain English" disclosure on interest rates and fees:  No

Loan Cancellation

 

  • Borrower can cancel the loan at any time prior to loan money being sent to school AND within 120 days of first disbursement, if the loan proceeds are paid back in full
  • Review lender's Promissory Note for details on loan cancellation process

Promissory Note

 


Servicer

 

  • Great Lakes Educational Loan Services, Inc.

Risks

 

  • Loan approval rates, which are not publicly available, may be low
  • Lender does not service their own loans
  • Lender has short operating history in student lending business; entered the business in 2007
  • This loan may not be dischargeable in bankruptcy

Survey

 

  • Once you have applied for a loan, please complete this short survey to tell us about your experience

Student Lending Analytics (SLA) is an independent research and advisory firm and is not a lender.  SLA receives NO compensation from any lenders for our ratings service nor for any referrals that they may receive through this website.   While SLA has made every effort to confirm each of the lender loan terms described above, it assumes no responsibility for typographical or other errors or omissions in the information provided.  SLA makes no representations or warranties about your eligibility for a particular loan.   SLA recommends that you carefully review each lender's loan application and promissory note for final loan terms, including Savings Opportunities.   Savings Opportunities may not be automatically available and you may not be eligible for certain Savings Opportunities.


 
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